May 30, 2024
Latest Cryptocurrency News

Crypto.com Secures Approval for Fiat Operations in UAE

Crypto.com’s Dubai-based subsidiary, CRO DAX Middle East FZE, has reached a crucial milestone by receiving full operational permission from Dubai’s Virtual Assets Regulatory Authority (VARA). This makes it the first cryptocurrency exchange licensed to accept fiat currency in the United Arab Emirates (UAE).

Advancing Institutional Services

Following the successful completion of the pre-operational conditions listed in the virtual asset service provider license granted in November 2023, Crypto.com plans to launch its exchange for institutional investors.

This platform will provide spot trading, staking brokerage, and over-the-counter (OTC) services for institutional clients and approved retail investors.

Crypto.com’s president and COO, Eric Anziani, underscored the company’s commitment to responsible industry progress. He stated that becoming the first global crypto operator to operate with fiat in the UAE is a significant milestone. Launching institutional services will be critical to the company’s expansion in the region.

Stuart Isted, general manager of Crypto.com’s Middle East and Africa branch, echoed Anziani’s sentiments, underlining the company’s dedication to collaboration with VARA to responsibly advance the crypto industry.

Global Expansion and Regulatory Scrutiny

Founded in Hong Kong in 2016, Crypto.com operates out of Singapore but has been expanding its global presence. Despite its growth, the exchange has encountered regulatory scrutiny.

Notably, the Dutch central bank fined Crypto.com for registration violations, although the exchange proceeded to register and continue operations in the Netherlands.

Image from Wallpapers.com

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